Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are currently 2 higher at 139’27, 10 Yr. Notes unchanged at 126’07 and 5 Yr. Notes 1 lower at 119’25. I am using this break to take a loss on current long 10 Yr./short Bond spreads in the 13’20 area (theoretical loss of about $1,250.00). I’m still short biased the interest rate markets (higher rates down the road) but the technicals do ntot justify being positioned at the moment.
Grains: Dec. Corn is currently 3’0 at 369’2, Nov. Beans 3’6 lower at 1049’0 and Dec. Wheat 2’4 higher at 561’0. Corn and Wheat are starting to look interesting and Beans still look negative. I am once again going to try the long side of Corn below the 365’0 level.
Cattle: Oct. LC are currently 77 lower at at 146.45 and Oct. FC 187 lower at 211.50. I’m a buyer in Oct. LC below 145.00 and a seller above 150.00.
Silver: Sept. Silver is currently 11 cents higher at 19.53 and Dec. Gold unchanged at 1297.00. We remain long a small position in Silver.
S&P's: Sept. S&P’s are currently 3.00 lower at 1974.25. We continue to hold a combination of short futures and short out of the money puts.
Currencies: The Sept. Euro is currently 35 lower at 1.3286 and below the 1.33 level for the first time this Year. I recommend that you take one of the following actions if you remain short. Either take profits or lower your buy stop to the 1.3410 level. An alternative if you are short the standard full contract (125,000 Euro’s): Cover you position and sell a mini Euro (1/2 the standard contract size, 62,500 Euro’s) and use a buy stop at 1.3410.
Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The valuation of futures and options may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or implied promise, guarantee, or implication by or from The Price Futures Group, Inc. that you will profit or that losses can or will be limited whatsoever. Past performance is not indicative of future results. Information provided on this website is intended solely for informative purpose and is obtained from sources believed to be reliable. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.